It initially issued a notice of cancellation for the four vessels at Estaleiro Ilha SA (EISA) last August 2014.
However, the Singapore-based company has been in negotiations with the yard since then in a bid to rescue the deal.
“Regrettably, on SPO’s specific project, EISA was unable to meet the minimum and critical conditions to continue with the construction of the vessels despite SPO’s repeated and good faith efforts to find a satisfactory way forward,” SPO said in a statement.
“Our
